Horne: Bulk of State's $57 Million in Historic Mortgage Settlement To Keep People in Homes

PHOENIX (September 24, 2012) -- Attorney General Tom Horne today released the details explaining how Arizona will utilize $57 million in Mortgage Settlement funds. This $57 million is comprised of funds awarded to Arizona as part of the National Mortgage Settlement with the five largest banks plus $10 million obtained by the Attorney General to settle a separate lawsuit against Bank of America.

“I am committed to making sure every Arizonan who is eligible for National Mortgage Settlement assistance gets it,” Horne said. “Approximately $41 million, which comes from a combination of a portion of the National Settlement and Arizona’s unique settlement with Bank of America, will be used to help keep people in their homes and for consumer restitution. There will also be funding for enforcement so as to ensure that the terms of the settlement are adhered to, as well as money for housing counseling, legal assistance and a communications plan designed to let eligible borrowers know what programs are available.”